Musk dubs crypto central to Twitter strategy

Details of Elon Musk’s plans for Twitter acquisition have been shared via a leaked Q&A session.

A transcript from a meeting with the Tesla CEO and employees of the social media company has been released by Vox.

Musk spoke about ongoing issues with crypto scams on the platform and discussed costs and how crypto payments are a “critical area” for Twitter.

“Money is fundamentally digital at this point. It would make sense to integrate payments into Twitter so that it’s easy to send money back and forth”, he said, explaining that this would include “currency as well as crypto”.

Musk’s goal is understood to be to “maximize the usefulness of the service” stating that “if one can use it to make convenient payments, that’s an increase in usefulness”.

According to Musk, the way to make the service “so compelling that you can’t live without it and that everyone wants to use it”, is through news, entertainment and payments. Musk described these as the “three critical areas” for Twitter.

The overall suggestion that Twitter starts integrating payments into its platform goes hand in hand with his previous statements that the social media platform should become a super app, similar to the Chinese social media platform WeChat. Privacy has always been a consideration as Musk mulls his $44bn Twitter takeover.

Recently the billionaire Tesla CEO put a pause on his acquisition of the social media site. Included in the Q&A Musk addressed his previous concerns surrounding bot activity. “There’s quite a lot of crypto scams on Twitter. It’s gotten better, but there’s still a fair bit of that.

“There are also people where they’re not necessarily bots, but they might be operating. You know, one person’s operating hundreds of accounts and trying to make them look like individuals, but they’re not”, he said.

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Source

Updated: 06/20/2022 — 09:00